(CNN) - House Majority Leader Eric Cantor hit President Barack Obama and Senate Democrats on Saturday for supporting a "tax hike" in the ongoing dispute over who should benefit from an extension of Bush-era tax breaks.

"House Republicans, joined by 19 Democrats, passed a bill to stop the looming tax hike that will hit all Americans next year," Cantor, a Republican from Virginia, said in his party's weekly address.
"On the other side of the Capitol, in the Senate, a Democrat-only plan to hike taxes passed. The president sided with Harry Reid and the Democrats, insisting that their plan to raise taxes was the answer for economic growth."

Cantor was referring to votes to extend the Bush-era tax cuts, which Republicans want to see extended on income of all levels.

But Democrats generally want to see it extended on income under a certain threshold. Obama has proposed a level of $250,000 and says tax on income above that level should be assessed under "the tax rates that existed under Bill Clinton."

The Virginia Republican said that the unemployed are "frustrated by the lack of results in Washington," and cited a study that found not extending the breaks "could result in the loss of over 700,000 jobs."

"But I am hopeful that with the passage of a bipartisan bill to stop the tax hike in the House and with unemployment still above 8% that President Obama will return to the position that he embraced less than two years ago and agree that now is not the time to be raising taxes on small business job-creators and the hardworking taxpayers of this country," Cantor said.

In remarks in Washington on Friday, Obama praised the Democratic-led Senate for passing a proposal that he supports.

"That means 98 percent of Americans won't see their income taxes go up next year," Obama said. "That means that 97 percent of small businesses wouldn't see their income taxes go up next year - not a single dime. That would be important. And that's why it's so disappointing that, so far, at least, House Republicans have refused to follow the Senate's example and do the same thing.

"We're saying nobody's income taxes go up on the first $250,000 of their income, so even somebody who makes more than $250,000 is still getting a tax break on their first $250,000, you understand?" he said.

But Cantor said the uncertainty of what tax rates will be has consequences for businesses.

"The threat of higher taxes and more red tape has our small business owners anxiously sitting on the sidelines rather than starting a new business and hiring another employee," he said. "They tell me they long for the moment when they can once again think about growing their businesses and hiring people."

Cantor also recognized the ongoing Olympic games, wishing "our athletes in London the very best."

soundoff(37 Responses)

Thanks to the senate. Iam for fare tax. The rich should have to pay just like the rest of us. On all income. And pay the same as we do on our pay roll.

August 4, 2012 10:07 am at 10:07 am |

Sam

Cantor is full of it! The House can easily pass the Senate bill to extend the Bush tax break to all income under $250,000.00. If fact they should make this tax break permanent for all income under 250,000.00 for 10 years. If this is done, everyone receives a tax break and deficit reduction is achieved over after a period of 5 to 10 years. How can we continue to extend the Bush tax cuts on all income levels and make a dent in deficit reduction? Are the Republicans truly serious about reducing the deficit? Top earners don't need a tax break. They are not suffering econmically!

August 4, 2012 10:11 am at 10:11 am |

charlesName

These tea party people just don't get it. They want every thing but don't want to pay for it. Taxes is what plows the snow, for a grass in our parks, picks up our garbage, takes care of our forests, help build our roads, and makes us a great country. But we all need to pay our fare share, rich, middle, and poor. We need to tell companies if u leave this country u will pay a higher tax to get your goods back here to sell. Hell they get cheap labor & child labor and there goods don't get cheaper. They are robbing us!!!

August 4, 2012 10:16 am at 10:16 am |

Debbie from Arizona

I am so sick of this freaking argument. It's the same old, sad song from the Right. Raising taxes will hurt the job creators. What jobs? The Democrats will raise everyone's taxes. No, only taxes on those making over 250,000. It's the Republicans who want to, once again, hold the majority of Americans hostage so they can protect the wealthy. You guys need a new script. Better yet, vote in new guys/gals in November and get rid of these one trick ponies.

August 4, 2012 10:18 am at 10:18 am |

CoJo

wait, this from the guy that purposely mislead the American people and changed the Stock Act?????

August 4, 2012 10:22 am at 10:22 am |

Larry L

Cantor is the poster child for "World's slimiest politician".

August 4, 2012 10:26 am at 10:26 am |

Danahk10

Poor rich people they need to go spend 10k and attend a gop fundraiser

August 4, 2012 10:33 am at 10:33 am |

CBR

Here he goes again! Mr. Cantor is part of the leadership of the House that chose to do nothing over the last two years. Instead they are going to blame others while they sat on their hands. Mr. Cantor refuses to make any moves that would help most Americans. Those making over a million dollars are sacrosanct. If taxes on this smaller group of people would help the economy and result in taxes remaining the same or even being lowered for the middle class then tax us a little more. Do something to get off the dime!

The Republicans did not want to pass any legislation this term that might be helpful for the reelection of President Obama. Now they are trying to blame the Democrats. How stupid do they think we are. How stupid do we think they are? Mr. Cantor can go home to VA and continue his very long vacation while those in the country who are in areas hit by the drought were forgotten by this Republican Congress.

August 4, 2012 10:33 am at 10:33 am |

stars

Cantor you can fool some but the smart ppl is not buying your lies not even the repugs.

August 4, 2012 10:33 am at 10:33 am |

Name get real

Cantor is the biggest joke this country has seen. he knows nothing about finance or running the government. The republicans are going to lose house, senate, and the president

August 4, 2012 10:37 am at 10:37 am |

john

Obama and the Dems want to give a tax cut for everyone including the 1% UP TO $250,000 DOLLARS. The GOP said NO. It is the GOP who are supporting a tax hike....

August 4, 2012 10:39 am at 10:39 am |

george of the jungle

Cantor is one big joke. Yhey can spin it anyway they want we know where the tax hike is comming from. Hey mitt show us yout tax returns if you paid taxes. FORWARD 2012